Global private equity and venture capital news and research

AllianceBernstein reaches $300m for second real estate fund, two thirds from HNWIs

10 Jul 2014

house-951373-mUS investment firm AllianceBernstein has registered nearly $300m worth of commitments for its second real estate fund.

The AXA France-owned firm attracted the largest chunk of cash commitments from high net worth individuals according to filings with the US Securities regulator, with 271 LPs pledging about $208m.

The general AllianceBernstein US Real Estate Partners II vehicle pulled in $59.4 million, while an ‘employees’ vehicle had commitments of $26.4m.

AB has not revealed a target for the fund but is approximately half way to the amount raised for its first real estate vehicle, which closed on $680m in April 2012.

LPs in that fund included Singapore-based investment company Temasek and pension fund the Alberta Teachers Retirement Fund,  as well as institutions from the US, Hong Kong and Japan.

AB’s strategy for its real estate funds is to find debt and equity investment opportunities across all property types and geographic locations throughout the US with a current focus on the recapitalisation of distressed assets.

The firm’s portfolio includes minority stakes in Simon Property Group, Essex Property trust and Westfield Retail Trust.

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